Financial Accounting 1 ACCFIN1004

  • Academic Session: 2023-24
  • School: Adam Smith Business School
  • Credits: 20
  • Level: Level 1 (SCQF level 7)
  • Typically Offered: Semester 1
  • Available to Visiting Students: No

Short Description

The general aim of this course is to provide a challenging and interesting introduction to the theory and practice of financial accounting.


Interactive Lectures: 2 hours of interactive synchronous lectures/workshops per week

Tutorials: 1 hour x 4 weeks - completed synchronously.

Labs: 1 hour x 4 weeks - completed asynchronously.

There will also be a range of asynchronous materials and tasks to complete.

Requirements of Entry

Only available to students on one of the BAcc programmes, or students studying a joint honours degree in Maths/Statistics with Accounting or Finance. For alternative courses see Introduction to Business Reporting and Financial Accounting, Introduction to Finance, Investments and Institutions and Introduction to Management Accounting and Control.

Excluded Courses

Business Reporting & Financial Management

Introduction to Business Reporting and Financial Accounting



Main Assessment In: December

Course Aims

The general aim of this course is to provide a challenging and interesting introduction to the theory and practice of financial accounting. Students will explore:

■ How accounting systems identify, collect and record key financial data and how this data is subsequently communicated to interested parties external to the entities that produce them.

■ How to interpret financial accounting information.

■ The economic function of financial accounting and also its social and political nature.

■ The course also aims to help develop certain personal transferable skills, such as gathering, analysing and synthesising information and working with others.

Intended Learning Outcomes of Course

By the end of this course students should be able to:


1. Describe and apply key financial accounting terms, concepts and ideas;

2. Construct bookkeeping records, including a trial balance, from the accounting records;

3. Prepare and evaluate the accounts (including appropriate notes) of a sole trader, partnership and limited company with year-end adjustments;

4. Use relevant software to record accounting transactions and produce financial statements.

Minimum Requirement for Award of Credits

The minimum requirement for the award of credits is the submission of at least 100% by weight of the course's summative assessment (including any examinations). Further requirements may include monitored attendance at classes and examinations and completion of formative assessment. All such requirements shall be specified by the subject concerned; details will be available via Moodle. Normally no grade or credits shall be awarded to a candidate who has not met these requirements.